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Syndicated
Loan Criteria & Definitions
All tables are year to date (from Jan 1st to present), updated weekly and based
on the following:-
League Tables
•
Mandated Lead Arrangers -
Asia (excluding Japan) & Australasia:
lists the top
10 Mandated Lead Arrangers (by volume) of all loans where the borrower
nationality (see below) is from Asia (excluding Japan) or Australasia.
•
Bookrunners - Asia (excluding Japan) & Australasia: lists tthe top 10
Bookrunners (by volume) of all loans where the borrower nationality (see below)
is from Asia (excluding Japan) or Australasia.
• Mandated Lead Arrangers – Asia (excluding Japan):
lists
the top 10
Mandated Lead Arrangers (by volume) of all loans where the borrower nationality
(see below) is from Asia (excluding Japan).
• Bookrunners – Asia (excluding Japan):
lists
the top 10
Bookrunners (by volume) of all loans where the borrower nationality (see below)
is from Asia (excluding Japan).
• Bookrunners – US$ Denominated – Asia (excluding Japan):
lists
the top 10
Bookrunners (by volume) of all US$-denominated loans where the borrower
nationality (see below) is from Asia (excluding Japan).
• Bookrunners – South-East Asia:
lists the top 10 Bookrunners (by volume) of all loans where the borrower
nationality (see below) is from South-East Asia.
•
Bookrunners–
India:
lists the top 10 Bookrunners (by volume) of all loans where the borrower
nationality is from India.
•
Bookrunners–
Taiwan:
lists the top 10 Bookrunners (by volume) of all loans where the borrower
nationality is from Taiwan.
Definitions
•
Asia includes North Asia, South East Asia and the Indian Sub
Continent
North
Asia: China, Hong Kong, Japan, Korea, Macau, Mongolia, Taiwan.
South East
Asia:
Brunei
Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam.
Indian
Sub Continent: Bangladesh, Bhutan, India, Maldives, Mauritius,
Nepal, Pakistan, Sri Lanka.
•
Australasia includes Australia, New Zealand and the South
Pacific Islands.
•
Mandated Lead Arranger status is
assigned to the banks awarded the mandate by the borrower. In the event that a
group of banks unanimously agree the mandated lead arranger group, the title is
assigned to all banks within such group.
•
Bookrunner
status is assigned to the bank that
runs the book for a deal that is sent out into general syndication upon signing
of the loan agreement and full disclosure of the syndicate members who joined in
said syndication process. No Bookrunner credit will be allocated for club deals.
Transaction Eligibility
•
Loans made
available by two or more providers, under a common loan agreement. Ranking
credit is assigned on the signing date provided that the borrower fees were
paid. In the case that this is satisfied prior to the syndication process,
ranking credit is applicable only the initial date the loan agreement is signed.
Consequently if two banks sign a loan agreement on December 31st
2007, and the full lender group signs the documentation one month later, the
applicable ranking credit date for all syndicate members is December 31st
2007.
•
Applicable
ranking credit is referenced at the time the loan agreement is signed.
Consequently if a loan is launched at $1bn but later signed for just $750m, the
applicable credit is $750m
•
Increases to
loan amounts via an option stipulated in the original loan documentation
(accordion features), or via an additional new tranche (add-on loans) are
eligible for ranking credit. The applicable credit is only allocated to the
incremental portion of the credit.
•
Amendments and
amended and restated loans which carry a tenor of less than 90 days, or are
signed within 90 days of the signing date of the original loan agreement, are
not eligible.
•
Self-arranged
loans are eligible for ranking credit. All titles awarded by the borrower to
syndicate members are eligible for rankings except the mandated arranger and
bookrunner titles which are only eligible if the respective banks participated
in structuring or syndicating the loan. Consequently if a bank is awarded either
title based on commitment only value, the bank will not receive credit in the
relevant table. No ranking credit is attributed to borrowers not deemed to be a
loan market practitioner (i.e. corporate lenders).
•
Two or more
lines of credit simultaneously made available to the same borrower by banks on
an individual basis (coordinated series of bilaterals) are rank eligible and
considered as one credit.
•
Components of
loans arranged and provided by one bank (bilateral tranches) are not eligible
for ranking credit. Consequently the A loan of A/B structured loans are
excluded, however the B loan is included.
•
Loan Style
FRNs are eligible for inclusion.
Lender Titles
•
For rank
eligible loans prior to syndication the Bookrunner title is allocated when an
additional bank commits to the loan. Upon final signing of the full syndicate
the Bookrunner title may be forfeited according to Dealogic’s general policy
regarding disclosure of lender group.
•
The Bookrunner
title is only assigned following a primary syndication process and upon signing
of the loan documentation by the lender group. For amendments and amended and
restated loans, the Mandated Lead Arrangers of the original loan retain their
status unless documentation evidencing a new tier structure is submitted. The
Bookrunner title is assigned to the banks responsible for comprising the new
lender group.
•
For a
coordinated series of bilateral the Mandated Lead Arranger credit is allocated
to the coordinators
Rankings
•
For multiple
tranche loans, each tranche is considered exclusively. The tables comprise Tier
1 and 2 banks. Ranked by US dollar volume on an equal apportionment basis.
•
In the case of
cross-border syndication, the region of main focus is applicable. Main focus
will be determined by the greater percentage of banks located within a region
invited to commit to the loan by the Bookrunners. A percentage greater than 55
must be attained in order to apply this criterion. In the case that the majority
percentage is 55 or less, the market type will be determined by the nationality
of incorporation of the borrower.
•
A bank which
de-merges from its legal parent is attributed ranking credit for all previous
loans recorded on Loan Analytics under the de-merged entity name. If a loan is
reported under the legal parent name but following a de-merger claimed to be
provided by the de-merged entity, Dealogic requires a letter indicating which
loans should be attributed to the de-merged entity signed by both entities.
Ranking credit for all past loans will be aggregated for merged entities.
Submission Guidelines
Submissions to
Dealogic can be sent to the below contact details with the following items in
respect to each tranche.
•
Borrower name
(guarantor/sponsor if applicable)
•
Currency and
amount
•
Tenor
•
Instrument
type
•
Margin
•
Fee details
(i.e. facility fee, commitment fee, participation fee, etc.)
•
Lender group
•
Loan purpose
Tables will be updated each week on Friday. Deals must be received by
10am on Friday for inclusion.
Dealogic (Hong Kong)
Tel: 852 3698 4700
Email: hkinfo@dealogic.com
Dealogic (Japan)
Tel: 813 6731 2000
Email: jpinfo@dealogic.com
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